Memestock AMC now plans to approve Bitcoin

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AMC will start accepting Bitcoin payments for concessions and theater tickets right at the end of the year, marking the latest development in AMC’s strong rise to the memestock superstardom.

During the company’s second-quarter earnings call on Monday, AMC boss Adam Aron launched the Bitcoin bullet point, surprisingly noticing that many of AMC’s new shareholders “are quite enthusiastic about the cryptocurrency”. (If you have followed memestock -drama at home, this should come as no surprise.) He added that the company has technology systems in place to approve Bitcoin by the end of 2021. Bitcoin payments must be made online, but are widely supported in all AMC U.S. theaters.

However, Bitcoin may not be the only cryptocurrency that a company will accept in the long run. Aron said the company is also researching other encryption methods.

“We are also in the early stages of exploring how otherwise AMC can participate in this new growing cryptocurrency universe, and we are very interested in AMC’s potentially lucrative business opportunity if we are smartly pursuing serious participation in cryptocurrency,” Aron said. He added that additional plans for the theater chain’s encryption strategy will be shared publicly when they are more concrete.

One explanation for the move to Bitcoin may be Aron’s involvement in the launch of Arqit quantum encryption. “I’ve had to learn more about the blockchain and cryptocurrency over the past six months than I’ve learned over the entire decade before,” he said while sitting on the company’s board.

Another explanation may be AMC warm embrace its shareholders of memestock. To follow GameStop stock price At Reddit’s r / WallStreetBets power supply earlier this year, subreddit set its sights on an anxious theater chain. The rise in trade at the time was so unprecedented that Robinhood and more traditional finance companies such as TD Ameritrade and Charles Schwab temporarily banned new stores To AMC together with GameStop.

In addition to the encryption fee commitments, Aron said AMC is currently working on Apple Pay and Google Pay options as well as its U.S. theaters. These, too, should be in place by the end of the year, the AMC chief said.

AMC’s plans for the future sound at least hopeful. Aron said the theater chain would like to follow sporting events in its cinemas on both a professional and collegiate level. The company hopes to “have a meaningful dialogue” with leagues and conferences to get the rights to stream these games.

Finally, AMCs Board of Directors Epic Games director Adam Sussman is present. Aron said during the call that he “can’t even count many times already,” and shareholders have asked him to participate with GameStop – the lord of memories – about playing opportunities.

“We’re on track,” Aron said, “more are coming.”

The second quarter of AMC was “revolutionary,” Aron said a opinion, increased mainly by $ 1.25 billion in new capital. The company believes that this injection of funds should give the company “financial stability to boldly control in the midst of coronavirus waters,” Aron added. The company continues to lose money and burn cash, but Aron said the company is “on its way to recovery.”

Although a highly contagious Delta variant of COVID-19 continues to spread and making it difficult to return to normal in the near future, the company remains optimistic about the theater’s future and its ability to return to financial stability.

“We’re not in the woods yet. We’re still living in a COVID-infected world,” Aron said. “But luckily we see light at the end of this tunnel.”

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